Observers expected this to be a huge blow...though Chinese trading volume had already fallen dramatically since January 2017 when authorities forced local exchanges to raise fees and implement AML controls, it was still a crucial market for bitcoin. However, the drop in Chinese trading didn't stop the pioneering cryptocurrency from rocketing to an all-time high around $20,000 a few months later.

As we noted at the time, several of the largest China-based exchanges, from OKCoin to Binance.com, and wallet services too sought a second life in friendlier Asian jurisdictions, applying for licenses in Japan - solo or via partners - setting up over-the-counter shops in Hong Kong, or laying the groundwork to operate from Singapore and South Korea.

But crypto enthusiasts living in mainland China can still transact domestically: But instead of these transactions being routed through exchanges, they're negotiated on over-the-counter (OTC) trading platforms like Huobi, OKEx and OTCBTC, according to a Yahoo Finance report.